The manat still has not found its real exchange rate and the Central Bank has lost another year, the economist Gubad Ibadoglu said. The expert told Turan that in this regard, "disease" of the manat has an impact on all other sectors of the economy.
“Fears for AZN have increased and the national currency enters the new year with three rates (the rate based on the currency auction, the rate of commercial banks and the exchange rate on the black market),” he said.
Ibadoglu noted that the relevant authorities were not able to eliminate the black market, as the rate at banks is unreal and currency sale is illiberal.
“The most important thing is that commercial banks have themselves become suppliers of currency to the black market, and large foreign exchange transactions are carried out there. The black market is needed by banks and so they are interested in the formation of this market,” said the economist.
According to him, while the real exchange rate of the manat has not been established, the black market will exist.
“Therefore, the relevant authorities instead of spending powers to fight the black market, had better focus on the preparations for the floating exchange rate, since there is no alternative,” he said. ----71D
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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